Berkshire Hathaway Inc

Warren Buffett, Berkshire Hathaway Inc.'s 75-year-old chief executive, said the company's board had selected an executive to eventually succeed him. The board chose from three internal candidates at the Omaha-based insurance and investment company, Buffett wrote in his annual letter released Saturday. He didn't identify them or discuss the timing of succession.

With no major catastrophes in this year's third quarter, Berkshire Hathaway Inc. reported net income that was nearly five times as high as last year's third quarter when hurricanes Katrina, Rita and Wilma struck. The Omaha-based company said it earned $2.8 billion, or $1,797 a share, for the quarter that ended Sept. 30, compared with $586 million, or $381, a year earlier.

Berkshire Hathaway Inc., the company run by billionaire Warren Buffett, said quarterly profit rose 13% as a decline in insurance losses helped offset a $619-million loss from betting that the U.S. dollar would fall. Second-quarter net income for the Omaha-based company rose to $1.45 billion, or $941 per Class A share, from $1.28 billion, or $834, a year earlier. Revenue rose 1% to $18.13 billion.

Berkshire Hathaway Inc., the Nebraska investment holding company controlled by billionaire Warren E. Buffett, said second-quarter profit fell 42% from a year ago. Berkshire earned $1.28 billion, or $834 per Class A share, down from $2.23 billion, or $1,452 a share, last year. The year-ago figures included $905 million in investment gains, while the current quarter included $172 million in investment losses. Excluding those items, earnings rose 10% to $1.

Berkshire Hathaway Inc., the conglomerate run by billionaire investor Warren E. Buffett, posted a 37% drop in profit as its insurance operations paid out large claims from the hurricanes that hit Florida. Despite the losses, Buffett said that Berkshire's insurance operations, which include car insurer Geico and the No. 1 U.S. reinsurer General Re, were performing well and that the company had $38 billion in cash and equivalents on hand. Berkshire reported third-quarter profit of $1.

Berkshire Hathaway Inc., the holding company controlled by billionaire Warren Buffett, agreed to buy Clayton Homes Inc., which makes manufactured homes, for about $1.7 billion. Berkshire Hathaway will pay $12.50 for each share of Clayton, 12% more than Clayton's closing price of $11.13 on the NYSE. Knoxville, Tenn.-based Clayton will become a unit of Berkshire Hathaway, with its management remaining in place.

Berkshire Hathaway Inc. said it isn't considering investing in telephone companies to be sold in July in the breakup of Telebras, contrary to statements by a Brazilian money manager. Opportunity Capital, one of Brazil's biggest money managers, said last week it has approached Warren Buffett, Berkshire's chairman, about a joint bid. "This is absolutely false," said Marc Hamburg, Berkshire's treasurer. "He's never met or spoken with anybody."

Berkshire Hathaway Inc., billionaire Warren Buffett's investment company, raised its Wells Fargo & Co. stake to 9% of the company in September from 7.7% earlier last year. Berkshire disclosed its stake, worth about $2.43 billion at Monday's price, in a filing with the SEC in December. The Omaha-based company is the biggest shareholder in Wells, the 10th-largest U.S. bank. Many investors watch Buffett's every move because he's had greater success in stocks than almost any U.S. investor.

Berkshire Hathaway Inc. said its first-quarter operating profit dropped 4.2% to $252 million, or $203 a share, from $263 million, or $214, a year ago. The holding company controlled by billionaire investor Warren Buffett said its realized investment gains rose to $470 million from $21 million. Berkshire's earnings release did not discuss the results or what investments it bought or sold in the quarter. The Omaha-based company did not immediately return a call seeking comment.